Harlem Retail Condo
For Sale
Contact for pricing
3121 Frederick Douglass Blvd, New York, NY 10039
Harlem retail condo package for sale with huge upside.
Property Size14,943 SF
Price / SF$488.19
Days on Market141
Property Features for 3121 Frederick Douglass Blvd
General Information
Standard status
Active
Size
14,943 SF
Class
A
Property subtype
Office, Retail
Occupancy
100%
Lease Type
NN
Investment Type
Value Add
Net Operating Income
$458,510
Building Details
Year Built
2007
Units
4
Tenancy
Multi
Listing Agency:
Brooklyn Blocks Real Estate
(718) 669-0316
Listed By:
Joe Brikman · License #10401209420
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 11 at 5:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brooklyn Blocks Real Estate
Investment Insights
Based on property information with market context.
This commercial real estate offering consists of a retail condo package located in Harlem. The property encompasses a total area of 14943 square feet. This property presents a significant opportunity.
Key Highlights
- Harlem retail condo package for sale
- Huge upside potential
- Built in 2007
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$467,906
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,358,120
$9.4M
Cap Rate 7%
$6,684,371
$6.7M
Cap Rate 9%
$5,198,956
$5.2M
Market Conditions
NOI Build-Up for 14,943 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$769.3K $51.48/SF
− Vacancy
−$145.4K −$9.73/SF
EGI
$623.9K $41.75/SF
− OpEx
−$156.0K −$10.44/SF
NOI
$467.9K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,358,120
Cap Rate 7%
$6,684,371
Cap Rate 9%
$5,198,956
Alternative Uses
Best Use
Retail
$30.04M
$26.29M – $35.05M
NOI $2,102,847 @ 7.0% cap · market cap 28.83%
Second Best
Office B
$6.68M
$5.85M – $7.80M
NOI $467,906 @ 7.0% cap · market cap 6.41%
Theoretical Best
Specialty Retail
$37.20M
$32.55M – $43.39M
NOI $2,603,668 @ 7.0% cap · market cap 35.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,482
Businesses Nearby
Explore this area
Business Placement
Demographics for 10039, NY
29,239
Population
13,300
Households
2.2
Avg Household Size
37
Median Age
27%
College-Educated
81%
High-School Grad
0.3 sq mi
ZIP Area
97,463
Density / Sq Mi
$48,792
Median Household Income
$36,142
Median Earnings
$1,211
Median Rent
$478,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Harlem retail condo package for sale with huge upside.
Where is this retail space located?
The property is located at 3121 Frederick Douglass Blvd New York, NY.
What is the asking price?
The asking price for this property is $7,295,000.
What are key features of this property?
This property features: Harlem retail condo package for sale; Huge upside potential; Built in 2007
